Key Highlights

• Bitcoin has confronted crucial overhead resistance where bearish sentiment is likely to emerge.
• Various altcoins are showing signs of recovery, albeit under potential selling pressure.

Bitcoin (BTC) successfully moved past the $93,000 threshold on Friday, but the bulls are having difficulty maintaining this momentum. Current trends indicate that BTC may conclude November with a downturn. Historical data from CoinGlass suggests that when BTC ends November negatively, it is often followed by another downward trajectory in December.

Market analysts are viewing this dip as a potential buying chance. Research Director at LVRG, Nick Ruck, remarked that the recent downturn has “wiped out overleveraged participants and unsustainable projects,” creating opportunities for long-term investors to enter ahead of a potentially strong new year.

Bitcoin Price Forecast

BTC’s recovery has marginally approached the 20-day exponential moving average (EMA), currently at $93,256, where strong resistance is anticipated from bears. If the price declines from this EMA, the bears might try to pull BTC/USDT below the support range of $84,000 to $80,600. Should they succeed, the Bitcoin price could drop to around $73,777. Conversely, if bulls retain their position at the EMA, it may result in a breakout above it, potentially rallying towards $100,000.

Ether Price Forecast

Ether (ETH) has met resistance at the 20-day EMA of $3,109, where increases in selling pressure from bears are expected. If the price falls from here, the ETH/USDT pair could drop to $2,623, a crucial support level, which if breached, might see Ether price going down to $2,400.

Altcoin Price Predictions

Predictions include Bitcoin Cash (BCH), Solana (SOL), and Cardano (ADA), with recovering trends met with varying levels of resistance and potential declines depending on market actions. The analysis suggests a detailed examination of each cryptocurrency’s movement in these market conditions.